CIT v. Thirani Chemicals Ltd.

290 ITR 196High Court2007#11468 most cited
9

judgments rely on this decision, according to BharatTax’s citation analysis of 292,668 Indian tax judgments — from 2013 to 2026.

Sections most often in play

Section 1961Section 135 of Companies ActSection 143(3) of Income-tax ActSection 145Section 145 of Income-tax ActSection 14ASection 14A of Income-tax ActSection 158A(1)

Issues it is cited on

section 35dsection 35revenue expendituresection 37companyindiabusinessinterest

Judgments citing CIT v. Thirani Chemicals Ltd.

COUNTRY CLUB HOSPITALITY & HOLIDAYS LIMITED,HYDERABAD vs. DCIT., CIRCLE-1(1), HYDERABAD

In the result, the appeal filed by the assessee is partly allowed

ITA 1480/HYD/2025[2011-12]Status: DisposedITAT Hyderabad27 Mar 2026AY 2011-12
Section 139Section 143(2)Section 143(3)Section 147Section 148Section 149Section 250

…आयकर अपीलीय न्यायाधिकरण में, हैदराबाद ‘बी’ बेंच, हैदराबाद IN THE INCOME TAX APPELLATE TRIBUNAL Hyderabad “B” Bench, Hyderabad श्री मंजूनाथ जी, माननीय लेखा सदस्य एवं श्री रवीश सूद, माननीय न्याययक सदस्य SHRI G. MANJUNATHA, HON’BLE ACCOUNTANT MEMBER AND SHRI RAVISH SOOD, HON’BLE JUDICIAL MEMBER आयकरअपीलसं./I.T.A.No.1480/Hyd/2025 (निर्धारण वर्ा/ Assessment Year: 2011-12) Country Club Hospitality & Vs. The Deputy Commissioner of Holidays Limited, Income-tax, C/o. 6-3-655/2/3, Central Circle – 1(1), P. Murali and Co., Hyderabad. Chartered Accountants, Somajiguda, Hyderabad – 500082., PAN : AAACC8276B (अपीलार्थी/ Appel…

DCIT, NEW DELHI vs. M/S HUDCO LTD.,, NEW DELHI

In the result, the appeal of the revenue in ITA No

ITA 3904/DEL/2015[2010-11]Status: DisposedITAT Delhi04 Nov 2024AY 2010-11

Bench: Shri M. Balaganesh & Shri Yogesh Kumar U.S.

For Appellant: Shri Gagan Kumar, AdvFor Respondent: Shri Waseem Arshad, CIT DR &
Section 143(3)

…rder in the case of the respondent-assessee for the assessment years 1997-98 to 2000-01 and held that the expenses incurred were revenue expenditure. Reliance was placed upon decision of the Delhi High Court in the case of CIT v. Thirani Chemicals Ltd. [2007] 290 ITR 196/[2006] 155 Taxman 233 wherein it has been held that issue of debentures oil rights basis to the existing shareholders was revenue expenditure and it was not mandatory to amortise the said amount under section 35D of the Act in view of the Circular No. 52, dated March 19, 1971, issued by the Central Board of Direct Taxes. 17. While dealing with a…

M/S. HOUSING & URBAN DEVELOPMENT CORPORATION LTD. (HUDCO),NEW DELHI vs. ADDL. CIT, NEW DELHI

In the result, the appeal of the revenue in ITA No

ITA 3261/DEL/2015[2010-11]Status: DisposedITAT Delhi04 Nov 2024AY 2010-11

Bench: Shri M. Balaganesh & Shri Yogesh Kumar U.S.

For Appellant: Shri Gagan Kumar, AdvFor Respondent: Shri Waseem Arshad, CIT DR &
Section 143(3)

…rder in the case of the respondent-assessee for the assessment years 1997-98 to 2000-01 and held that the expenses incurred were revenue expenditure. Reliance was placed upon decision of the Delhi High Court in the case of CIT v. Thirani Chemicals Ltd. [2007] 290 ITR 196/[2006] 155 Taxman 233 wherein it has been held that issue of debentures oil rights basis to the existing shareholders was revenue expenditure and it was not mandatory to amortise the said amount under section 35D of the Act in view of the Circular No. 52, dated March 19, 1971, issued by the Central Board of Direct Taxes. 17. While dealing with a…

ACIT, CIRCLE-7(1), DELHI vs. DISH INFRA SERVICES PVT. LTD., NOIDA

In the result, the appeal of the Revenue is dismissed

ITA 1599/DEL/2021[2016-17]Status: DisposedITAT Delhi16 Apr 2024AY 2016-17

Bench: Dr. B. R. R. Kumarms. Astha Chandra

For Appellant: Sh. Vivek Sarin, Adv. &For Respondent: Ms. Sapna Bhatia, CIT-DR
Section 35DSection 36(1)(iii)Section 37Section 68

…d, we decline to interfere with the order of the ld. CIT(A). Debenture issue Expenditure: 4. The issue of allowability of the debenture issue expenses stands settled by the order of the Hon’ble jurisdictional High Court in the case of Thirani Chemicals Ltd. 290 ITR 196. For the sake of ready reference, the relevant part of the said order is reproduced as under: "1. The assessed-company, in order to modernise and expand its activities and with a view to augment its long term capital requirements, raised funds to the extent of Rs. 406.65 lakhs during the relevant accounting year by issue of debentures on rights…

M/S COUNTRY CLUB INDIA LIMITED,HYDERABAD vs. DCIT, CIRCLE-3(2), HYDERABAD, HYDERABAD

In the result, the grounds of the appeal of the assessee on this issue are allowed

ITA 1714/HYD/2014[2010-11]Status: DisposedITAT Hyderabad22 May 2018AY 2010-11

Bench: Smt. P. Madhavi Devi & Shri S.Rifaur Rahmancountry Club Hospitality & Vs Dy. Commissioner Of Income Holidays Ltd (Formerly Tax, Circle 3 (2) Known As Country Club Hyderabad India Ltd) Hyderabad Pan: Aaacc8276B (Appellant) (Respondent)

For Appellant: Shri P. Murali Mohan RaoFor Respondent: Dr. K. Srinivas Reddy, DR
Section 143(3)Section 40A(3)

…ITA No 1714 of 2014 Country Club India Ltd Hyderabad. IN THE INCOME TAX APPELLATE TRIBUNAL Hyderabad ‘ A ‘ Bench, Hyderabad Before Smt. P. Madhavi Devi, Judicial Member AND Shri S.Rifaur Rahman, Accountant Member Country Club Hospitality & Vs Dy. Commissioner of Income Holidays Ltd (formerly Tax, Circle 3 (2) known as Country Club Hyderabad India Ltd) Hyderabad PAN: AAACC8276B (Appellant) (Respondent) For Assessee : Shri P. Murali Mohan Rao For Revenue : Dr. K. Srinivas Reddy, DR Date of Hearing: 22.02.2018 Date of Pronouncement: 22.05.2018 O R D E R Per Smt. P. Madhavi Devi, J.M. This is assessee’s appe…

DY.CIT, CIR-1(2), HYDERABAD vs. M/S CUNTRY CLUB (I) LIMITED,, HYDERABAD

In the result, the grounds of the appeal of the assessee on this issue are allowed

ITA 1735/HYD/2012[2009-10]Status: DisposedITAT Hyderabad22 May 2018AY 2009-10

Bench: Smt. P. Madhavi Devi & Shri S. Rifaur Rahmanassessment Year: 2009-10 M/S Country Club Vs. Asst. Cit, Circle-1(2), Hospitality & Holidays Ltd., Hyderabad. (Formerly Known As Country Club India Ltd.,) Hyderabad.

For Appellant: Shri P. Murali Mohan RaoFor Respondent: Dr. K. Srinivas Reddy
Section 40Section 40A(3)Section 43B

…IN THE INCOME TAX APPELLATE TRIBUNAL HYDERABAD BENCH “A”, HYDERABAD BEFORE SMT. P. MADHAVI DEVI, JUDICIAL MEMBER AND SHRI S. RIFAUR RAHMAN, ACCOUNTANT MEMBER Assessment Year: 2009-10 M/s Country Club vs. Asst. CIT, Circle-1(2), Hospitality & Holidays Ltd., Hyderabad. (Formerly Known as Country Club India Ltd.,) Hyderabad. PAN – AAACC8276B (Applicant) (Respondent) Assessment Year: 2009-10 Asst. CIT, Circle-1(2), M/s Country Club Hyderabad Hospitality & Holidays Ltd., (Formerly Known as Country Club India Ltd.,) Hyderabad. PAN-AAACC8276B (Applicant) (Respondent) Assessee by : Shri P. Murali Mohan Rao Revenue…

M/S. COUNTRY CLUB INDIA LTD.,,HYDERABAD vs. ACIT, CIRCLE-1(2), HYDERABAD

In the result, the grounds of the appeal of the assessee on this issue are allowed

ITA 1689/HYD/2012[2009-10]Status: DisposedITAT Hyderabad22 May 2018AY 2009-10

Bench: Smt. P. Madhavi Devi & Shri S. Rifaur Rahmanassessment Year: 2009-10 M/S Country Club Vs. Asst. Cit, Circle-1(2), Hospitality & Holidays Ltd., Hyderabad. (Formerly Known As Country Club India Ltd.,) Hyderabad.

For Appellant: Shri P. Murali Mohan RaoFor Respondent: Dr. K. Srinivas Reddy
Section 40Section 40A(3)Section 43B

…IN THE INCOME TAX APPELLATE TRIBUNAL HYDERABAD BENCH “A”, HYDERABAD BEFORE SMT. P. MADHAVI DEVI, JUDICIAL MEMBER AND SHRI S. RIFAUR RAHMAN, ACCOUNTANT MEMBER Assessment Year: 2009-10 M/s Country Club vs. Asst. CIT, Circle-1(2), Hospitality & Holidays Ltd., Hyderabad. (Formerly Known as Country Club India Ltd.,) Hyderabad. PAN – AAACC8276B (Applicant) (Respondent) Assessment Year: 2009-10 Asst. CIT, Circle-1(2), M/s Country Club Hyderabad Hospitality & Holidays Ltd., (Formerly Known as Country Club India Ltd.,) Hyderabad. PAN-AAACC8276B (Applicant) (Respondent) Assessee by : Shri P. Murali Mohan Rao Revenue…

HINDUSTAN MOTORS LIMITED,KOLKATA vs. D.C.I.T.,CIRCLE-6, KOLKATA, KOLKATA

In the result, the appeal filed by the assessee is allowed

ITA 2644/KOL/2013[1999-2000]Status: DisposedITAT Kolkata21 Sept 2016AY 1999-2000

Bench: Shri M.Balaganesh & Shri S.S.Viswanethra Ravi

Section 143(2)Section 147Section 350Section 35D

…ents Ltd Vs. CIT - 60 ITR 52 ( SC) (ii) CIT Vs East India Hotels Ltd - 252 ITR 860 ( Cal) (iii) CIT Vs. South India Corpn. ( Agencies) Ltd - 290 ITR 217 ( Mad) (iv) CIT Vs. First Leasing Co. of India Ltd - 304 ITR 67 ( Mad) (v) CIT Vs. Thirani Chemicals Ltd - 290 ITR 196 ( Del) (vi) CIT Vs. Office of the Official Liquidator- 3161TR 181 (Guj). (vii) CIT vs. Mahindra Ugine & Steel Co. Ltd - 250 ITR 696 ( Mum). It is respectfully submitted that action of the AO in disallowing the debenture issue expenditure of Rs. 2,40,88,9641- should be deleted. 5. The CIT-A was of the view that the ratio laid down by the Hon’ble…

CIT LARGE TAX PAYERS UNIT vs. INDIAN RAILWAY FINANCE CORP LTD

ITA-1189/2011HC Delhi31 Oct 2013
Section 115Section 145

…rder in the case ofthe respondent-assessee for the assessment years 1997-98 to 2000-01 and held that the expenses incurred were revenue expenditure. Reliance was placed upon decision of the Delhi High Court in the case of CIT Vs. Thirani Chemicals Ltd. [2007] 290 ITR 196 wherein it has 1 been held that issue of debentures on rights basis to the existing I shareholders was revenue expenditure and it was not mandatory to amortise the said amount under Section 35D of the Act in view of the Circular No.52 dated 19"^ March, 1971 issued by the Central Board of Direct Taxes. 17. While dealing with a similar issue in Com…